Sunday, May 27, 2012

University officials in Illinois anticipate bad financial news from state - Kurt Erickson, Bloomington Pantagraph

Illinois’ public universities are bracing for another year of significant cuts in state revenue. Under a budget proposal floated Friday in the House, direct aid to universities would be cut by 6.1 percent. A Senate version of the spending blueprint would cut the state’s contribution by 3.25 percent. While university officials wait for the House and Senate to reconcile their financial differences, they also are waiting to hear how much the state will contribute to the employee retirement funds at each institution as part of a sweeping overhaul of the state’s underfunded pension systems. “We all could be facing a double hit,” Western Illinois University legislative liaison Dave Steelman said Friday. “It’s more bad news. It’s not going to be a good budget for anyone.”

http://www.pantagraph.com/news/local/education/university-officials-anticipate-bad-financial-news-from-state/article_b44bb786-a6b5-11e1-ab7d-0019bb2963f4.html